33 Unit Stabilized in Michigan

[Tory Sheffer]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

33 Unit stabilized property with under market lease rates. There are also +/- 3000 sf of building on the property that is under utilized and will be converted to individual storage which will be leased to the public. Strategy is to balance the rent roll to market rates and add storage for long term hold.

What made you interested in investing in this type of deal?

Close to home. Fully occupied. Low cost value add to frame storage units in existing buildings.

How did you find this deal and how did you negotiate it?

Partner Investor found this deal with a mailer and brought me on to lead the acquisition and deal structure.

How did you finance this deal?

Local bank + private investors

How did you add value to the deal?

Value add is with stabilizing rent roll of current tenants and framing 3000 sf of storage and leasing to the public.

What was the outcome?

In process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lender: Old National Bank
Legal: Honigman